Banks are moving to freeze accounts linked to convoy protests. Here's what you need to know [View all]
Using powers granted under the Emergencies Act, the federal government has directed banks and other financial institutions to stop doing business with people associated with the anti-vaccine mandate convoy occupying the nation's capital.
According to the regulations published late Tuesday, financial institutions are required to monitor and halt all transactions that funnel money to demonstrators — a measure designed to cut off funding to a well-financed protest that has taken over large swaths of Ottawa's downtown core.
What new powers do the banks have under the Emergencies Act?
The government's new directive, called the "emergency economic measures order," goes beyond asking banks to simply stop transferring funds to protest organizers. The government wants banks to stop doing business with some people altogether.
The order says that banks and other financial entities (like credit unions, co-ops, loan companies, trusts and cryptocurrency platforms) must stop "providing any financial or related services" to people associated with the protests — a move that will result in frozen accounts, stranded money and cancelled credit cards.
The government is also ordering insurance companies to suspend policies on vehicles that are part of an unlawful "public assembly."
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https://www.cbc.ca/news/politics/emergencies-act-banks-ottawa-protests-1.6353968
Wow, this is playing hard ball.
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